House and Senate Budget Released

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On January 21, both the House and Senate published their proposed budgets. SB 1 will be the bill to follow since the Senate will initiate the discussions this session. These proposals will be a starting point for discussions and will undergo multiple revisions in committee and in their respective chambers before being sent to the Governor at the end of the 87th session. The LBB’s summaries for both the House and Senate can be found here.

SB 1, as filed, appropriates $251.2 billion in All Funds and $119.7 billion in General Revenue.

HB 1, as published, appropriates $251.5 billion in All Funds and $119.7 billion in General Revenue.

Of note neither the House nor the Senate make appropriations from the Economic Stabilization Fund for the 2022–23 biennium. The resulting cash balance of the fund plus the total asset value of investments is estimated to be $11.6 billion at the end of fiscal year 2023.

The House and Senate budget recommendations are approximately $3.2 billion below the spending limit of 7.06 percent adopted by the Legislative Budget Board (LBB) in November 2020, and maintain a majority of the 5 percent reductions identified by state agencies in 2020.

Both bills, however, exceed the pay-as-you-go spending limit established by the Comptroller’s BRE by approximately $7 billion in state general revenue. Texas State Comptroller Glenn Hegar provided his estimate the day before lawmakers gaveled in to start the 87^th Session noting that the legislature will have $112.5 billion in revenue available for general-purpose spending during the 2022-23 biennium.

IN-DEPTH BUDGET DETAILS

HOUSE

Bills: 2022 – 2023 General Appropriations Bill – LBB Recommended: House (January 2021)

Budget Estimates: